Bitcoins - about to hit $5,000 per coin today!

[gib]

Correct.

In many developing countries there are strict foreign exchange laws and it is not possible to buy foreign currency unless travelling overseas. The cheapest and easiest way to get around this is to buy stablecoins on a crypto exchange.

This, and the above comment from Flex, are partially correct. Apart from the points made, stable coins are also desired as they can easily transferred without deduction of FX commission by an intermediary. And they can help skirt FX controls. And they are seen as avoiding bank intermediary country party risk. And of course in many countries a USD stable coin will hold it value better than a local depreciating currency.

The implications for Bitcoin are of course as follows:

Once people get comfortable with wealth stored in a tokenized form, and the benefits thereof, they will look one step ahead as to which digital currency preserves value best. The USD is of course the "least worst" choice among a 200+ fiat currencies, all of which are declining in value over time. So the next logical step is to store wealth in BTC, and use stable coins for transactions, unless of course Sats are requested (which will of course happen over time, as sellers want the most valuable asset to hold in terms of wealth preservation, vs a declining currency). This will take time, but it will enviably happen as people collectively figure out the relative long term decline trend  in value of the USD vs BTC over time. And that my friends, it where the opportunity for us lies.

A smart investor always thinks a step or two ahead...

[Mayday]

Get ready boys, imminent currency collapse is now all but set to happen!

Look out below, inflation will skyrocket and QE 'till infinity.

Your cryptos will blast off soon!

"1"

Collapse to where?

Has Mr Anabolic taken over your account?

This is the YOLO I warned about.

Everyone gunna think they are front running the Fed  then the realisation will hit down the road that providing bank liquidity is not the same as $3,000/mth child rebates……

Since when does providing liquidity for treasuries= people are buying new iPads and TVs?

Deflationary event before inflationary policy. Where is the deflationary event? We haven’t had one so why are people salivating and calling for a rocket ship to the moon?

[Griffith]

This, and the above comment from Flex, are partially correct. Apart from the points made, stable coins are also desired as they can easily transferred without deduction of FX commission by an intermediary. And they can help skirt FX controls. And they are seen as avoiding bank intermediary country party risk. And of course in many countries a USD stable coin will hold it value better than a local depreciating currency.

The implications for Bitcoin are of course as follows:

Once people get comfortable with wealth stored in a tokenized form, and the benefits thereof, they will look one step ahead as to which digital currency preserves value best. The USD is of course the "least worst" choice among a 200+ fiat currencies, all of which are declining in value over time. So the next logical step is to store wealth in BTC, and use stable coins for transactions, unless of course Sats are requested (which will of course happen over time, as sellers want the most valuable asset to hold in terms of wealth preservation, vs a declining currency). This will take time, but it will enviably happen as people collectively figure out the relative long term decline trend  in value of the USD vs BTC over time. And that my friends, it where the opportunity for us lies.

A smart investor always thinks a step or two ahead...

We are correct in our statements.

The vast majority of people in developing countries want hard currencies in order to preserve their wealth and hedge against depreciating local currencies.

They cannot simply go into a foreign exchange store and buy USD, Euros, Pounds etc.

They might be able to open a foreign exchange account at certain banks, but there is a lot of red tape and conditions and the fees are high, making it impractical for most people.

Besides the black market, by far the easiest and cheapest way is on a crypto exchange.

Most are looking to preserve their savings, relative to the major currencies and maintain some purchasing power globally, instead of losing a percentage annually to local depreciation and another percentage to local inflation.

Another advantage of stablecoins for people in developing countries is that they can also earn interest, which can give them higher real interest rates compared to investing in their local banks.

And stablecoins use Etheruem.

[gib]

We are correct in our statements.

The vast majority of people in developing countries want hard currencies in order to preserve their wealth and hedge against depreciating local currencies.

They cannot simply go into a foreign exchange store and buy USD, Euros, Pounds etc.

They might be able to open a foreign exchange account at certain banks, but there is a lot of red tape and conditions and the fees are high, making it impractical for most people.

Besides the black market, by far the easiest and cheapest way is on a crypto exchange.

Most are looking to preserve their savings, relative to the major currencies and maintain some purchasing power globally, instead of losing a percentage annually to local depreciation and another percentage to local inflation.

Another advantage of stablecoins for people in developing countries is that they can also earn interest, which can give them higher real interest rates compared to investing in their local banks.

And stablecoins use Etheruem.

Partially correct. It is true that some stablecoins make use of Eth. Others such as USDT are issued on both ethereum and bitcoin blockchains. And of course we now see stablecoins issued o other blockchains suchas  Solana, and Algorand. They key thing to remember on all this is that BTC is the base layer of value.

[Griffith]

Partially correct. It is true that some stablecoins make use of Eth. Others such as USDT are issued on both ethereum and bitcoin blockchains. And of course we now see stablecoins issued o other blockchains suchas  Solana, and Algorand. They key thing to remember on all this is that BTC is the base layer of value.

Ethereum provides the majority of stablecoin supply.

Main stablecoins using Ethereum:

Tether (USDT)
USD Coin (USDC)
Binance USD (BUSD)
Dai
TrueUSD

Mastercard and Visa are also planning to use USDC.

[a_pupil]

Still prepared to hold it?  We need cash to pay bills, buy food, buy assets, pay for vacations, pay the mortgage on investment properties, pay for maintenance and repairs of investment properties, pay real estate attorneys, pay insurance premiums, pay taxes, pay accountants, pay property managers, etc.

BTC is not accepted for any of these, only USD.

In the US, wise and prudent investors don't keep cash just lying around doing nothing out of fear to invest it, and they certainly don't risk keeping it at home out of fear of the banking system.

What planet does gibster live in. The only services that accept bitcoin are online drug dealers and prostitutes (according to what that guy said a few pages back).

[gib]

What planet does gibster live in. The only services that accept bitcoin are online drug dealers and prostitutes (according to what that guy said a few pages back).

This is an illogical, false, and irrelevant comment, which has already been explained to you many times.

Bitcoin can be exchanged for any good or service anyone is prepared to provide in return for it. So, if you take me as an example, I will take Bitcoin for anything I may wish to sell - house, car, shares, collectable items, gold, personal training advice, financial advisory services, etc.

Second, you are confusing the concepts of a day to day medium of exchange with a store of value. For example, we don't go around buying things in gold. But if we want to use gold to purchase something, we can always exchange the gold for fiat currency and then pay with that. My Bitcoin Visa card, allows me to do this seamlessly anywhere in the world that accepts Visa.

Most 200+ fiat currencies are ONLY commonly accepted in the country of issuance. (So for example, you if you tried to use a Swiss Franc in a McDonalds in USA, they would not accept it). But you could exchange that Franc for USD at the prevailing exchange rate, and then use that. Same concept with Bitcoin (only Bitcoin is already the most globally accepted international currency, or at least right up there with the USD as being accepted globally beyond country borders). 

Further, when assessing an investment, we need to look towards the future. So, if you you believe that BTC being used as a medium of exchange is correlated to its value, then you have to make a prediction on how BTC will be used in the future. Is Bitcoin the next logical step in a globally accepted currency? Will the trends we are already seeing of an increasing number of countries formally (or informally) adopting BTC as a currency continue? Will the rapid growth of the 2nd layer Lightening Network continue. Etc.

You have now been educated. Always try to think at least one (or ideally 2) steps ahead. It will do wonders for your success and serve you well both as an investor, and in life in general...

[obsidian]

Ethereum provides the majority of stablecoin supply.

Main stablecoins using Ethereum:

Tether (USDT)
USD Coin (USDC)
Binance USD (BUSD)
Dai
TrueUSD

Mastercard and Visa are also planning to use USDC.

Correct. To my knowledge there are no stablecoins on the Bitcoin network.

https://cointelegraph.com/altcoins-for-beginners/stablecoins-101-what-are-crypto-stablecoins-and-how-do-they-work#:~:text=For%20example%2C%20Wrapped%20Bitcoin%20(WBTC,backing%20to%20ensure%20price%20stability.

A crypto-backed stablecoin can be issued to launch one asset on a different blockchain. For example, Wrapped Bitcoin (WBTC) is a stablecoin backed by Bitcoin issued on the Ethereum blockchain.

[obsidian]

Collapse to where?

Has Mr Anabolic taken over your account?

This is the YOLO I warned about.

Everyone gunna think they are front running the Fed  then the realisation will hit down the road that providing bank liquidity is not the same as $3,000/mth child rebates……

Since when does providing liquidity for treasuries= people are buying new iPads and TVs?

Deflationary event before inflationary policy. Where is the deflationary event? We haven’t had one so why are people salivating and calling for a rocket ship to the moon?

What if that does happen? I personally don't trade. I just obtain cryptos and HODL. It is very hard to time the market. You might be sitting on the sidelines and see the prices go up...

[Mayday]

What if that does happen? I personally don't trade. I just obtain cryptos and HODL. It is very hard to time the market. You might be sitting on the sidelines and see the prices go up...

The majority are waiting for 13k, On the sidelines in cash. At 20k it was next stop 13k. At 23k it was next stop 13k. At 25k was next stop 13k. At 28k it is next stop 13k…..

A pullback to 24-26k is no problem. A run above 27k will be a problem for sidelined cash because we will run for 36k and at that point those people calling for 13k you are likely shitting themselves. That then becomes the YOLO.

I do think it’s a short lived rally BTW because crypto is trying to front run QE stimmy cheques way too early.

[dunkin donuts]

so, what's getbig's bitcoin forecast? is it heading to 50k sooner than 10k?

[IroNat]

Warren Buffett believes crypto 'will come to a very bad ending'

https://finance.yahoo.com/news/come-bad-ending-just-over-120000862.html

“If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Warren Buffett told CNBC earlier this year.

“They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem.”

Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today.

Called the "greater fool theory".

Find a bigger fool than yourself to buy your bitcoin for more than you paid for it.

It's been done with various things over the years including tulips.

[gib]

It's been done with various things over the years including tulips.

...and gold. Only Bitcoin of course has properties far superior to gold...

[affeman]

...and gold. Only Bitcoin of course has properties far superior to gold...

Like what? lol

[Flexacon]

Like what? lol

You get to feel what it's like to be in a cult

[Griffith]

so, what's getbig's bitcoin forecast? is it heading to 50k sooner than 10k?

24-25k next, then over 30k.

[affeman]

You get to feel what it's like to be in a cult

 

[ROBOAK]

Warren Buffett believes crypto 'will come to a very bad ending'

https://finance.yahoo.com/news/come-bad-ending-just-over-120000862.html

“If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Warren Buffett told CNBC earlier this year.

“They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem.”

Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today.

Called the "greater fool theory".

Find a bigger fool than yourself to buy your bitcoin for more than you paid for it.

It's been done with various things over the years including tulips.

WB shits on bitcoin only because its a threat to him, just like keystone....

[gib]

Like what? lol

It should be very obvious how Bitcoin is superior to gold (both as a store of value and as a medium of exchange).

The supply of Bitcoin is 100% certain. (Gold is not).
Bitcoin can be transferred globally in seconds (Gold cannot).
Gold has huge storage costs for the owner (Bitcoin does not).
Bitcoin can be divided into any transaction amount by any owner in seconds. (Gold cannot).
Gold can be confisicated at borders (Bitcoin cannot).
Gold is heavy, Very heavy is you try to carry a lot of it. (Bitcoin is not).
Gold is hard to hide if you have a lot of it. (Bitcoin is not).
Bitcoin can be used over the internet in digital transactions. (Gold cannot).
Bitcoin is integrating with the electronic banking and financial system, (Gold is not).
Bitcoin is increasingly being adopted and recognized as a currency among countries. (Gold is not).

That is not to say that gold is not a useful tool in being a store of value. Its just that Bitcoin is vastly superior on many of gold's shortcomings.

[Flexacon]

so, what's getbig's bitcoin forecast? is it heading to 50k sooner than 10k?

Don't have a price forecast, but I got DXY lows for the year in mid/late April, stocks markets peaking in May and tech earnings then crashing everything. I would expect for the most part that BTC will follow. So bitcoin mini cycle top in May followed by a June low

[obsidian]

Warren Buffett believes crypto 'will come to a very bad ending'

https://finance.yahoo.com/news/come-bad-ending-just-over-120000862.html

“If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Warren Buffett told CNBC earlier this year.

“They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem.”

Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today.

Called the "greater fool theory".

Find a bigger fool than yourself to buy your bitcoin for more than you paid for it.

It's been done with various things over the years including tulips.

What Buffett forgets is there are many BTC holders that will never offer Bitcoin to him for $25. They simply won't sell. Does he not understand the basics of how these assets are priced?

[obsidian]

Warren Buffett believes crypto 'will come to a very bad ending'

https://finance.yahoo.com/news/come-bad-ending-just-over-120000862.html

“If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Warren Buffett told CNBC earlier this year.

“They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem.”

Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today.

Called the "greater fool theory".

Find a bigger fool than yourself to buy your bitcoin for more than you paid for it.

It's been done with various things over the years including tulips.

Buffett made his money precisely because he bought stocks based on optimism that someone else will be paying more for it in the future than he paid for it when he acquire the stock. He is a fucking hypocrite.

[Mayday]

You get to feel what it's like to be in a cult

CEO of Bitcoin himself.

[gib]

Warren Buffett believes crypto 'will come to a very bad ending'

https://finance.yahoo.com/news/come-bad-ending-just-over-120000862.html

“If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Warren Buffett told CNBC earlier this year.

“They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem.”

Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today.

Called the "greater fool theory".

Find a bigger fool than yourself to buy your bitcoin for more than you paid for it.

It's been done with various things over the years including tulips.

WB calls it the "greater fool theory". A better phrase might be the "more enlightened theory". In other words, the more other people "get it" and understand the utility of Bitcoin, the more Bitcoin (perfectly limited in demand) will be desired, and the more its price will rise.

So, what any investor will need to figure out is simple. Over time, will we see more enlightened people, who start to understand and desire Bitcoin? Or less such people. Once you have a view on that, you can decide whether to invest or not.

[Flexacon]

WB calls it the "greater fool theory". A better phrase might be the "more enlightened theory". In other words, the more other people "get it" and understand the utility of Bitcoin, the more Bitcoin (perfectly limited in demand) will be desired, and the more its price will rise.

So, what any investor will need to figure out is simple. Over time, will we see more enlightened people, who start to understand and desire Bitcoin? Or less such people. Once you have a view on that, you can decide whether to invest or not.

It's not gonna replace anything or change the world, that's just a maxi narrative. It's just gonna be another tool used in finance. You'll have various players in finance buying (through etfs) when they want to go super risk on and it will be the first thing they'll dump when they smell any trouble. No different really from what's been happening for a while.

Anyway a bunch of institutions are buying BTC big right now (US government is also selling silk rd BTC) but they don't plan on holding for long. The face ripper both up and then down should be fun. I'm on Link.